Reference no: EM132368157

Question

Corporation's data regarding the store's operations follow:

• Sales are budgeted at $380,000 for November, $400,000 for December, and $370,000 for January.

• Collections are expected to be 75% in the month of sale, 20% in the month following the sale, and 5% uncollectible.

• The cost of goods sold is 65% of sales.

• The company desires an ending merchandise inventory equal to 60% of the cost of goods sold in the following month.

• Payment for merchandise is made in the month following the purchase

• Other monthly expenses to be paid in cash are $22,000.

• Monthly depreciation is $18,000.

• Ignore taxes.

                                        Balance Sheet

                                                     October 31

Assets

Cash ................................................ $ 16,000

Accounts receivable (net of allowance for uncollectible accounts) . 74,000

Merchandise inventory .............................................. 140.400

Property, plant and equipment (net of $500,000 accumulated depreciation) ...................................... 1,066.000

Total assets...................................... $1.296 400

Liabilities and Stockholders' Equity

Accounts payable  ................................. $ 240 000

Common stock .................................................... 640.000

Retained earnings .............................................. 416,400

Total liabilities and stockholders' equity...................... $1 296 400

Can you please show me how to do this in excel?

1) show cashbudget for November and December. Show the following: a) Schedule of expected cash collections b) Merchandise purchases budget c) schedule of expected cash disbursements for merchandise purchases and d) cash budget

2. Show budgeted income statements for November and December.

3. Show budgeted balance sheet for the end of December.